Sunday, June 23

Tag: IMF

Middle East loses $270 bn oil income amid virus, recession
MIDDLE EAST

Middle East loses $270 bn oil income amid virus, recession

Dubai, Jul 13, 2020 (AP): The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's outlook released on Monday. The international lender expects an overall economic contraction of 7.3% in Mideast oil-exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil. The contraction is 2% greater than the IMF's initial projections in mid-April. “We are in a year like no other and therefore developments are very fast and coping with them is challenging for everyone,” Jihad Azour, director of the IMF's Middle East and Central Asia department, told Th...
IMF Warns Coronavirus Recession Could Be Worse Than 2009
BUSINESS

IMF Warns Coronavirus Recession Could Be Worse Than 2009

The world economy is facing "severe" economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday. In comments to finance ministers from the Group of 20 nations, Georgieva called on advanced economies to provide more support to low income countries, and the IMF stands "ready to deploy all our $1 trillion lending capacity." As much of the world faces mass shutdowns, Georgieva warned the outlook for global growth in 2020 "is negative a recession at least as bad as during the global financial crisis or worse. Starting fom China, the pandemic has continued to spread globally, with the total number of infected cases reaching 358,735 and 15,433 deaths. Several...
World Bank President Jim Yong Kim announces his departure
News

World Bank President Jim Yong Kim announces his departure

Jim Yong Kim, the president of the World Bank, announced he is resigning at the end of January. Kim's unexpected departure three years before his term was set to expire is likely to set off a fierce battle between the Trump administration and other countries who have complained about the influence the United States exerts over the World Bank. In a letter to bank staff, Kim said that he has long believed that the key to bridging the gap between the massive financing needs of developing countries and the amount of support available was to work with the private sector. "I have therefore decided that it's time for me to take on new challenges and fully focus my efforts on leveraging private finance for the benefit of people around the work," Kim said in his note to staff. Kim's de...
India to Emerge Fastest Growing Economy in 2018:IMF Report
INDIA

India to Emerge Fastest Growing Economy in 2018:IMF Report

The International Monetary Fund (IMF) has projected that India will be the fastest-growing major economy in 2018, with a growth rate of 7.4 percent that rises to 7.8 percent in 2019 with medium-term prospects remaining positive. The Report on Asia and Pacific Regional Economic Outlook said that the country is recovering from demonetisation and introduction of GST Tax, and "the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption." Meanwhile, in the broader perspective, IMF has estimated that Asian economies will remain strong within growth outlook but will be vulnerable to a sudden tightening in global financial conditions and a shift towards protectionist policies. In its regional economic outlook update, IMF has project...